'Large scale Poundland shop closures are over'
PA MediaBosses at troubled retailer Poundland said large-scale shop closures at the firm were over.
The firm recently went though an overhaul that saw it shut nearly 150 shops and axe 2,200 jobs in a bid to secure its high street future. Bosses added there was still "much to do" to get back on track.
The discount brand confirmed it ended the year with 651 sites, down from about 800 before the reorganisation.
Changes at its customer service centre in Walsall, West Midlands, and closure of two of its four warehouses in Bilston, West Midlands and Darton, near Barnsley in South Yorkshire, resulted in its workforce shrinking from 14,200 to about 12,000 at the end of last year.
"Any future closures will be a consequence of standard business-as-usual lease events expected at a retailer with a large store network," the firm said.
'Price simplicity'
Managing director Barry Williams said the firm's focus in 2026 would be on delivering "the kind of ranges and price simplicity" customers wanted.
Figures for Christmas trade showed like-for-like underlying sales dropped 2.9% in the quarter to 28 December as the company slashed prices to get back to its discount roots.
Comparable store sales by volume increased by 2%.
Underlying earnings in its first quarter rose by £8.4m to £17.3m, in line with expectations.
The company was sold for £1 to investment firm Gordon Brothers in June last year.
It avoided entering administration after a restructuring plan was approved in the High Court in August, days before the company was due to run out of money.
Recovery efforts since have focused on simplifying the business, including by cutting stores and overhauling its pricing structure.
Poundland has also removed some categories, such as frozen foods and some chilled ranges, as well as ditching its online offering.
It is returning to a simple £1, £2 and £3 grocery pricing across all its UK shops - with almost two thirds of its grocery items priced at £1.
A nationwide advertising campaign will also be launched next week.
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